tv President Republicans on Tax Reform CSPAN November 3, 2017 1:04am-1:21am EDT
pres. trump: thank you very much, i would like to thank the republican members of the house ways and means committee who are here today to discuss the credible plan to cut taxes. it is reform and lots of other things but we're cutting taxes. it will be the biggest tax cut in our history. there is nothing more important to our economy. you see how well our economy is doing? this can really bring it to the next level. before we begin i want to make a brief announcement. i had an excellent meeting today with chairman grassley and other lawmakers on immigration reform following the terrorist attack in new york. i am calling on congress to immediately terminate the visa lottery program. this program gives out visas simply because people are randomly selected in an annual lottery. and the people put into that lottery are not that country's finest. we know that the program presents a significant vulnerability to our national security. it's a very unsafe program for our country and we're not going to allow it to happen. we're going to end that program. i think congress will take that
up very quickly. additionally, congress must end chain migration so we can have a system that is security-based, not the way it is now. and we want a system ultimately that is merits-based so we can bring in people that will help grow our country and be safe for our country. we want to select people based on their ability to contribute to our country, not jews people -- not choose people randomly. we have no idea who they are. or based on extended family connections. we have people bringing in 26 people when they come in. we have to end chain migration. that being said, this is a big tax cut day and i want to thank some of the people. naturally, paul, great press conference you just had. fantastic job. paul ryan has really led an effort, and he had some awfully good help.
i called diane black and you came through. although let's wait about a month and a half. or less. could be less. and where is peter? i saw you on television. peter, you were fantastic. i know how hard you worked. kevin mccarthy. one of the top companies, a fortune 100 company. and we just had a news conference with kevin mccarthy. and hello, kevin. it's been a long time. [laughter] but kevin, really you have been fantastic. a man named kevin grady. he doesn't stop. he doesn't stop. and there's nobody like him. and we appreciate it, i have to tell you. it's a great team.
we have a great team. it's a team that loves what they are doing, they love the american people, they love this country and they are going to get it done. it's tax cuts. it's tax reform. and we added the word jobs. we're going to have a tremendous number of jobs pouring in. so, in a number of days i will be traveling to asia to advance america's economic and national security priorities. i will miss everyone at this table. i will be back in 11 days. i know things will go well. there is a great popularity for what we are doing in this country. they want it, they need it, they have to have it. so it's going to be terrific. i need your help. i have no doubt you will be able to do it. while i am in asia members of the cabinet will be traveling around the country talking directly to taxpayers and focusing on the regional media, which i actually find it to be a very honorable media.
we do very nicely with regional. i love regional media. secretary mnuchin and my entire economic team will remain totally focused on tax reform and continue to work closely with all of you. i think they have been working extremely closely. the relationship with kevin has been absolutely terrific. we will be with you 100%. i want to also have a bill on my desk hopefully by thanksgiving. if that's possible. i want everybody in this room standing by me and we will add some others as we sign. thank you again for the incredible job you have all done. some of the tax cuts and simplification work we are going to be doing for families include a doubling of the standard deduction, so more income is taxed at the zero rate.
the first $24,000 for a married couple and $12,000 for single will be completely income or tax-free. so that's something. that's a tremendous thing right there. we're going to have a big zero front of a lot of people who are working very hard and cannot make ends meet. we are going to reduce income tax rates for individuals, increase the child tax credit, and extend it to more middle-income families, a far larger group. repeal the alternative minimum tax and the death tax. retain tax incentives for mortgages, charitable contributions, higher education, work, retirement savings. we have a lot of things that are the important generators in our economy. most americans will be able to file taxes on a single sheet of paper. what do you think about that? are we still there?
[inaudible] great job. i didn't know i would be given a prop. [laughter] [inaudible] we think we are going to be able to do that. as of this moment, it's going to make life very simple. the only people who were not going to like this are h&r block. probably one of the only companies in the country that is not going be thrilled. we're going to make america globally competitive again. our corporate tax rate is 60% higher than our average competition. we will slash the corporate rate from 35% to no more than 20%. that's truly one of the big things in the bill. what that's going to do, is that
will create tremendous success for companies and jobs. it's about jobs. the full cost of new equipment in the year you buy it. something that personally i have never heard about in terms of when i was a businessman. in fact, that's a great incentive for everybody to want to be business people. i think that's got to be one of the great -- when people talk about the different elements they don't talk about that, that will be one of the great sleepers in this bill. expense of one year. we're going to move from a worldwide system to a territorial system. in 2016 american multinational companies get 71% of their foreign-earned profits overseas. we're proposing a one-time low tax to bring back all that corporate money. now, we think it's probably in the neighborhood of $4 trillion brought back into our economy and into our country.
and that will -- the council of economic advisers estimate the corporate tax reforms will increase average household income by $4000. we are reducing tax rates for s corporations, partnerships and sole proprietors which affects a large percentage of our people, and our taxpayers. if the growth rate of real gdp interest is just 1%, we're talking about $2.5 trillion and millions of jobs. so, if we go up to 4%, as an example, $2.5 trillion. i personally think we can go higher. last quarter we do three and i think we took off at least one point for hurricanes. we had five hurricanes, essentially. and we actually hit the three number. the quarter before we hit 3.42. when we started we were at a little more than one.
and now we are at three and i think we would have it four. people are predicting four for next quarter. we'll see, but i've always said we could hit higher than that. a lot of it is rules and regulations. in the history of our country no president has cut more regulations than i have. we have a lot more to do. we have some statutory requirements. we have to give notice. you give 30 days in a 90 day than a 120 day notice then you can start thinking about it. we have given those notices and we have a lot of cutting left. but we've probably cut out about 48% and will be quite a bit higher than that. one of the reasons we are doing as well as we are doing, the stock market has hit a new high close to 60 times during the course of this presidency, this administration, this group of people sitting around the table.
we are close to 60. and that is something that is very special. i have not looked today but perhaps we will make it and after one because i hear we are doing very well today. but a lot of that is having to do with optimism. there's tremendous optimism. the highest they have had, business and manufacturing optimism is the highest it has been since the chart. i think what is going to happen is the one element that is missing is taxes. we're one of the highest taxed countries in the world and we're going to get really down to one of the lower taxed. we're not one of the lowest, but maybe we will get that the next time. but we will be one of the lowest
and we will be competitive again with the rest of the world. china is 15%. some countries are quite a bit lower than that. at 20% we are very competitive with the rest of the world. you're going to see numbers and you're going to see growth and you are going to see wages going up. something we're seeing now is for the first time in a long time, wages are starting to rise for people. in some cases they have an 18 to 21 years without a real salary increase or wage increase. so, a lot of good things are happening but this is the final element. tax cuts and tax reform. and it's an honor to work with my fellow republicans. i think we are actually going to have some democrat support. i think it's going to be very very hard for them not to support it. there was a certain newspaper that wrote today that your competition was out there trying to say it is for the rich. which of course they say routinely. it turned out they were not telling the truth and the paper called them on it, which was shocking to me. shocking. they were called, they were not telling the truth. because this is a middle income tax reduction.
and it's a very big one. it will be the biggest tax reduction in the history of our country. thank you very much, everybody. appreciate it. >> are you concerned your comments -- >> thank you very much everybody. >> come on. let's go. >> come on, press. announcer: 98 tax plan would cut taxes by 50% and double the standard deduction for families.
it would make several changes to deductions. state and local property tax deductions would be capped at $10,000 in deductions for medical expenses, property loss and student loans would be discontinued. we have the full text of the bill as well as all the debate in our congressional chronicle. go to www.c-span.org and click the link on the top left corner of the page. from the live coverage house ways and means committee sa markup the republican tax bill starting a new eastern on the c-span networks. this weekend, c-span's city tour takes you to sell the coda -- south dakota. we will highlight the history of sioux falls. saturday at 6:00 p.m. eastern on book tv a look at the history of native american citizenship in the u.s. with an author in his book. -- and his book.
>> tribes have what is known as sovereignty. that is the position that tribes take, self-governing sovereigns within their territory. announcer: and author of the book outlawed the coda about -- if you were away from any settlement up and ranch country, they would hang you. that happened frequently. not with what you call frontier justice or rough justice. announcer: sunday at 2:00 eastern on american history tv we will to work for dakota-- tour fort dokta. really one of many forts established throughout the region. it was really established to
provide a sense of safety and security for those settlers here. announcer: we will also take a driving tour of sioux falls with a historian. >> we are on one of the main thoroughfares of sioux falls. named for one of the first settlers of dakota territoy. saturday at 6:00 p.m. book tvon c-span two's and sunday at 2:00 p.m. on c-span three. the c-span cities tour.